Canary Gold Corp. (CSE: BRAZ; OTC: CNYGF; Frankfurt: K5D) has provided an exploration update for its Madeira River Project in Rondonia, Brazil, emphasizing that the company is still in the early stages of a systematic drilling program. The update, released February 19, 2026, outlines that approximately 300 meters of drilling have been completed from a planned 20,000-meter program, with results so far consistent with the company's exploration thesis.
According to the company, the current phase of drilling is designed to test the underlying geological model and collect data to refine and prioritize targets. Mark Tommasi, President of Canary Gold, stated, "This phase of drilling is focused on testing our geological model and building the dataset required to guide future exploration." The company cautions that it is too early to determine whether economic mineralization will be intersected, given the early stage of the program.
The Madeira River Project is situated within a broader gold-bearing district that includes historic artisanal workings at Zelia and Santo Antonio, located adjacent to the company's licences. These adjacent workings demonstrate gold endowment in the same regional geological setting being targeted by Canary, although the company notes that mineralization on adjacent properties is not necessarily indicative of mineralization on its project.
The primary objective of the current drilling campaign is to generate a robust geological dataset. Canary expects that the 2026 drilling program, informed by results from the current phase, will be critical in focusing exploration on the most prospective parts of the tenement package. The company acknowledges that exploration of this nature requires patience and remains committed to disciplined execution.
Shareholders are encouraged to refer to previous company news releases for additional context regarding the exploration model and regional setting. The company also provided links to figures showing planned drilling layouts and radiometric data, which can be viewed at the following links: Figure 2, Figure 3, Figure 4, Figure 5, Figure 6, and Figure 7.
The scientific and technical information in this release has been reviewed by Andrew Lee Smith, P.Geo., Executive Director and Qualified Person under NI 43-101. Data verification included assessment of sampling methods and analytical procedures used by Overburden Drilling Management Ltd. The information relates to early-stage exploration, and additional drilling is required to evaluate the significance of geological features described.
Canary Gold is a Canadian exploration company focused on gold projects in Brazil, holding an option to earn up to a 70% interest in the Rio Madeira Project. The company has also expanded its land position through an agreement to acquire additional tenements totaling approximately 94,700 hectares. This update underscores the company's methodical approach to exploring a large, underexplored gold province in Brazil.
